PT Ciputra Adigraha, a subsidiary of property developer PT Ciputra Property Tbk, agreed to lease its entire Ciputra World mall in West Jakarta to PT Lotte Shopping Plaza Indonesia, a subsidiary of South Korea’s Lotte Shopping Company, for 20 years.

The 130,000-square-meter mall, which Lotte Shopping Plaza Indonesia will officially start operating commercially in the second quarter of 2012, is part of the Ciputra World super block being constructed along Jl. Prof. Dr Satrio.

“We are glad to have the chance to establish our first Lotte Department Store in Indonesia at the Ciputra World mall, one of the best areas for business,” Lotte Shopping Plaza Indonesia president director Suh Chang-suk said in a statement.

In addition to the department store and Lotte Group’s other retail outlets in the country, he said, “We will also collaborate with other retail companies in Indonesia to offer a new paradigm and experience of shopping for customers in Jakarta.”

“Indonesia is a promising market for our retail business because of its growing economy,” Lotte Shopping Company director Park Keum-soo said.

Ciputra Group president director Candra Ciputra welcomed the establishment of Lotte Group’s subsidiary at Ciputra’s business area because of its prominence in the retail business.

“Lotte’s excellence in serving the high-end market suits Ciputra World,” he said adding that the presence of a Lotte department store would make the mall an important shopping destination.

The biggest retail company in South Korea, Lotte Group operates in nine countries including South Korea, Japan, Vietnam, China, Russia and Indonesia. Lotte’s businesses cover retail, food and drink, tourism, petrochemical industry, construction and manufacturing.